ACORD, the insurance industry data standards body, has extended its partnership with global IT firm Larsen & Toubro Infotech to further develop a set of digital standards & solutions for the insurance industry.
The partnership is aimed at extending the standardisation service ACORD already provides by constructing new and robust digital standards that bring efficiency, effectiveness, and flexibility for integration across the industry.
According to a statement, LTI and ACORD will develop these standards while also co-developing solutions for digital technologies such as Blockchain, AI and machine learning, aiming to offer multifold efficiencies for insurance carriers, Managing General Agents/Managing General Underwriters, brokers, reinsurers and Third Party Administrators.
“LTI is excited to take part in this important collaboration with ACORD to set the standards & solutions to propel the insurance industry’s journey to digital,” said Anil Vazirani, Chief Business Officer, Insurance, LTI.
“Our goal is to continually play a leading role in innovating advanced digital technologies that solve problems for the Insurance industry.”
Bijesh Jacob, SVP Technology & Standards, ACORD Solutions Group, added, “The insurance industry’s rapid movement towards a digitized, heavily API-based environment necessitates new standards and tools for efficiently exchanging information.
“ACORD and ASG are excited to work with LTI in this arena because of its proven commitment to the insurance industry, strong domain knowledge, and experience working with digital technologies.”